Question
7. Jent Company reported the following information for 2013: October November December Budgeted sales$320,000$340,000$360,000 Budgeted purchases$120,000$128,000$144,000 All sales are on credit. Customer amounts on account
7.Jent Company reported the following information for 2013:
OctoberNovemberDecember
Budgeted sales$320,000$340,000$360,000
Budgeted purchases$120,000$128,000$144,000
All sales are on credit.
Customer amounts on account are collected 40% in the month of sale and 60% in the following month.
Instructions
Compute the amount of cash Jent will receive during November.
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Financial Accounting IFRS
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
2nd edition
